National Australia Bank said today that while further consultation would be needed, some sensible credit card law reforms would benefit consumers and banks offering the fairest and best value.

Commenting on the release of the Federal Government's proposed changes to credit card laws, NAB Personal Banking Group Executive, Lisa Gray, said the Bank had already implemented a significant change to its credit card portfolio and the overall reforms were consistent with its focus on delivering better value to customers.

“NAB was the first, and still the only major bank, to have abolished the most unpopular bank fees, including the credit card fees targeted by the Federal Government’s proposed credit card law changes,” Ms Gray said.

“Over the last 12 months, we have made a number of industry leading changes to our personal transaction, savings and credit card accounts, including:

Abolishing a $25 over-limit fee on all NAB credit cards;

Cutting a $30 late payment fee on all NAB credit cards to $5;

Abolishing the $4 and $5 monthly account service fees on NAB’s popular everyday personal transaction accounts: Classic and e-Banking; and

“We are determined to be more competitive and offer our customers fairer value. That is why we had already implemented some of the changes announced by the Government today, such as abolishing the over-limit fee on all NAB credit cards.

“We are strong advocates for responsible lending and ensuring that we deliver consumers fair value banking.

"We will review the full details of the proposed new laws and look forward to the opportunity to consult with the Government about them,” Ms Gray said.